Two of Australia’s largest banks recorded a three-fold annual increase in business loans for electric vehicles.
NAB chief executive Ross McEwan said he expected a rebound in economic growth by the second half of next year but that the economy would continue to slow into 2024.
Australia’s largest business lender has said it is inevitable banks will charge higher interest rates for businesses that aren’t reducing their emissions.
National Australia Bank chief executive Ross McEwan said rate hikes were slowing the economy as intended but that there could be one more next year.
The National Australia Bank has inked a deal with fintech lender Plenti to provide loans for electric vehicle and other cars,and could acquire 15 per cent of its shares.
Now that all the major banks have reported their 2023 profits,the conventional notion that Australia’s big four lenders act as a herd is being challenged.
The mortgage war is taking a bite out of bank profits,and analysts say CBA could unleash more competition if it looks to turn around losses in market share.
The ASX limped to the finish line and Wall Street broke one of its longest winning streaks in two decades as pressure cranked higher from the bond market.
NAB chief executive Ross McEwan said mortgage competition weighed on the bank’s profitability and that it would probably continue for another six months.
The time between submitting an application and putting a shovel in the ground should be three to six months,not the three to six years it can take,NAB’s chief executive says.
There are still ways to combat the renewed prospect of higher-for-longer interest rates if you make the right moves.